Knowledge of microfinance is popularized through TV show

14/03/2019

On March 9, 2019, VTV3 television channel broadcasted the program “Smart money” with the theme “Finance for women” on the International Women’s Day 8/3. The program focused on teams and TV viewers to learn about the microfinance (MFI) model, specifically, TYM MFI’s model. Perhaps this is the first time knowledge of microfinance has been brought to a large audience through a TV game show.

From the end of 2017, with the desire to raise public awareness about the financial and banking sector, contributing to enhancing accessibility, reducing risks for consumers using financial services, the Department of Communications, The State Bank of Vietnam has cooperated with the Production Department of Entertainment Programs – Vietnam Television to carry out the program “Smart money.” The program focuses on conveying information about banking services and utilities in a simple and understandable way for viewers.

In 2019, to contribute to the implementation of the national program on comprehensive finance, to help poor and low-income households access information on official and appropriate credit sources, repel black credit, the State Bank of Vietnam has included microfinance in the content of the game show “Smart Money.” With the broadcast game show on March 9, 2019, viewers can see that the content has been focused on women and especially poor / low-income women. The basic knowledge helped audiences find out: where the poor can borrow without mortgage, with preferential interest rate, payment methods, and other non-financial services… gradually expressed through the attractive games of the program.

Microfinance has started in Vietnam for a long time but is not widely known, or only known to a small extent – where it operates. This fact reduces the accessibility of the poor and low-income people with formal financial services in line with their needs and financial capacity. It is also the statement of the Deputy Governor of the State Bank of Vietnam, Mr. Dao Minh Tu, at the opening of the seminar on “Microfinance in comprehensive financial development” taking place in December 2018: ” The poor and low-income people in the world often find it difficult to access formal financial services due to a number of barriers in capacity, financial knowledge, accessibility and lack of collateral.”

With the integration of information on microfinance into television programs such as “Smart money,” the State Bank of Vietnam has not only popularized financial knowledge effectively, creating access-to-credit opportunities for people but also has affirmed the role of microfinance in the implementation of comprehensive finance.

We believe that with this way of inserting knowledge of microfinance in TV game show like “Smart Money,” microfinance will receive the attention of the general public and further promote the efficiency of the industry in implementing comprehensive finance and ensuring safety for people in access to financial services.